Viatris Inc financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Viatris Inc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	11,434	11,501	11,946	17,886	16,263	15,427	14,739	14,300
Cost of revenue	7,432	7,603	8,149	12,311	9,766	8,988	9,116	9,286
Gross profit	4,002	3,898	3,797	5,576	6,497	6,439	5,624	5,014
Research and development	705	640	555	751	662	805	809	966
Selling, general and administrative	2,441	2,564	3,345	4,529	4,179	4,070	4,105	3,794
Operating expenses	3,096	3,182	4,008	5,610	4,882	5,672	5,614	7,677
Operating income	906	716	-211	-34	1,615	766	10.1	-2,663
Interest expense	542	517	498	636	592	573	550	471
Other non-operating income	-64.9	-43.8	-12.6	5.8	1,791	9.8	-83.3	-531
Pre-tax income	298	154	-721	-664	2,813	203	-623	-3,665
Income tax	-54.1	138	-51.3	605	735	148	11	-150
Net income	353	16.8	-670	-1,269	2,079	54.7	-634	-3,515
EBITDA	3,016	2,735	2,005	4,473	4,643	3,507	2,903	135
EPS, basic	0.69	0.03	-1.11	-1.05	1.71	0.05	-0.53	-3.00
EPS, diluted	0.68	0.03	-1.11	-1.05	1.71	0.05	-0.53	-3.00
Shares, basic (weighted)	515	516	601	1,209	1,212	1,200
Shares, diluted (weighted)	517	517	601	1,209	1,217	1,207
Dividend per share				0.33	0.48	0.48	0.48	0.48

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	388	476	844	701	1,260	992	735	1,322
Short-term investments			39.1	38.2	35.3	37	38	40.7
Receivables		3,059	4,844	4,266	3,815	3,700	3,221	3,031
Inventory		2,671	5,472	3,978	3,520	3,470	3,854	3,999
Other current assets		286	1,236	1,467	328	271	387	136
Total current assets		6,757	12,868	10,903	10,635	12,976	9,521	9,789
Property, plant and equipment		2,150	3,460	3,189	3,025	2,760	2,666	2,614
Lease right-of-use assets		255	324	291	259	246	253	271
Goodwill	9,748	9,591	12,347	12,114	10,426	9,867	9,133	6,755
Intangible assets		11,650	29,683	26,134	22,607	19,181	17,071	15,102
Other non-current assets		405	1,048	1,171	2,404	2,209	2,357	1,872
Total assets		31,256	61,553	54,843	50,022	47,686	41,501	37,193
Accounts payable		1,528	1,904	1,657	1,767	1,938	1,854	1,754
Accrued liabilities		467	828	742	747	845	729	756
Short-term debt		1,458	2,256	1,860	1,251	1,935	0.6	1,930
Total current liabilities		5,569	10,563	9,884	6,746	7,777	5,779	7,094
Long-term debt		11,214	22,429	19,717	18,015	16,188	14,039	12,481
Lease liabilities		176	230	201	181	165	179	178
Other non-current liabilities		961	2,483	1,934	1,757	1,517	1,939	2,015
Total liabilities		19,372	38,599	34,350	28,950	27,218	22,865	22,482
Total debt		12,722	24,738	21,595	19,274	18,132	14,047	14,414
Paid-in capital		8,644	18,439	18,536	18,646	18,815	18,922	18,801
Retained earnings		6,031	5,361	3,689	5,176	4,640	3,419	-388
Treasury stock		-1,000	0	0	0	-252	-504	-1,007
Other comprehensive income		-1,797	-858	-1,744	-2,761	-2,747	-3,213	-2,707
Shareholders' equity		0
Total equity	12,167	11,884	22,954	20,493	21,072	20,467	18,636	14,711
Total liabilities and equity		31,256	61,553	54,843	50,022	47,686	41,501	37,193
Shares outstanding		0

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	353	16.8	-670	-1,269	2,079	54.7	-634	-3,515
Depreciation and amortization	2,110	2,019	2,216	4,507	3,028	2,741	2,893	2,798
Stock-based compensation	-3.3	56.8	79.2	111	116	181	146	178
Deferred income tax	-264	-193	-213	676	-25.9	-387	-768	-477
Change in receivables	340	-20	78.7	59.3	-240	78.6	300	335
Change in inventory	-548	-513	-742	-428	-260	-613	-723	-106
Cash from operations	2,342	1,804	1,232	3,017	2,999	2,900	2,303	2,316
Capital expenditures	-252	-213	-243	-457	-406	-377	-326	-379
Acquisitions	-65.9	-149	416	277	0	-668	-350	0
Purchases of investments	-63.4	-25.8	-105	-30.2	-30.2	-26.3	-26	-23.9
Sales and maturities of investments	85.2	27.1	47	29.8	29.9	26.3	26	23.9
Cash from investing	-1,210	-525	-301	-118	1,474	-865	1,801	-428
Debt issued	2,578	7.4	983	1,710	1,876	0.3	0	0
Debt repaid	-3,165	-1,109	-2,484	-4,201	-3,663	-1,250	-3,714	-0.1
Stock issued	17.8	8.1	0	0	3.3	3.1	2.5	2.6
Share buybacks	-432	0	0	0	0	-250	-250	-501
Cash from financing	-1,091	-1,169	-606	-3,012	-3,878	-2,302	-4,330	-1,294
Exchange rate effect	-21	-7.5	33.8	-30.9	-38.9	-2.5	-30.7	17.6
Net change in cash	19.4	102	359	-144	556	-269	-258	612
Free cash flow	2,090	1,591	989	2,560	2,593	2,523	1,977	1,937
Interest paid	461	471	555	685	643	612	561	493
Income taxes paid	229	279	324	642	735	571	514	445

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $17.83 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	34.8%	Gross profit / revenue.
Operating margin	-0.6%	Operating income / revenue.
EBITDA margin	18.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-4.5%	Pre-tax income / revenue.
Net margin	-2.8%	Net income / revenue.
FCF margin	13.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.8%	Cash from operations / revenue.
Return on assets (ROA)	-1.2%	Net income / average total assets.
SG&A / revenue	27.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	19.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-10.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-8.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-26,467.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-95.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-69.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-41.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-8.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-2.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-9.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	14.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-10.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-9.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.58x	Current assets / current liabilities.
Quick ratio	0.63x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Debt / assets	38.1%	Total debt / total assets.
Liabilities / assets	59.3%	Total liabilities / total assets.
Net debt	$12.46B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.59x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.18x	Operating income / interest expense.
Working capital	$3.71B	Current assets - current liabilities.
Goodwill and intangibles / assets	58.0%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.42x	Revenue / average total assets.
Fixed asset turnover	6.04x	Revenue / average property, plant and equipment.
Inventory turnover	2.44x	Cost of revenue / average inventory.
Days inventory	149 days	365 x average inventory / cost of revenue.
Receivables turnover	4.71x	Revenue / average receivables.
Days sales outstanding	77 days	365 x average receivables / revenue.
Days payables	66 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	161 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	16.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.35	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.67	Revenue / diluted weighted shares.
FCF per share	$1.68	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.00	Cash from operations / diluted weighted shares.
Cash per share	$0.76	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	15.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$20.48B	Share price x shares outstanding.
Enterprise value	$32.94B	Market cap + total debt - cash - short-term investments.
P/S	1.39x	Market cap / revenue.
P/FCF	10.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.79x	Market cap / cash from operations, when positive.
EV/Sales	2.24x	Enterprise value / revenue.
EV/EBITDA	12.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	16.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.5%	Free cash flow / market cap.
Earnings yield	-2.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.5%	(Dividends paid + share buybacks) / market cap.

What was Viatris Inc's revenue in fiscal 2025?

Viatris Inc reported revenue of $14.30B for fiscal 2025, 3% lower than the year before.

Was Viatris Inc profitable in fiscal 2025?

No. It reported a net loss of $3.51B.

How much free cash flow did Viatris Inc generate in fiscal 2025?

Cash from operations of $2.32B minus capital expenditures of $378.8M left free cash flow of $1.94B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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